Report: Xbox 720 to launch in 2013

Microsoft, along with its industry partners, is reportedly eyeing a 2013 launch for its next-gen Xbox.

Indeed, multiple sources told Develop they expect the console to be "fully unveiled" at E3 in June 2013, with an actual launch planned for later that year or sometime in (early) 2014.

As Develop's Rob Crossley confirms, few in the industry actually expect the Xbox Next to be in stores before the holiday side of 2013.

However, Lionhead is apparently already working on a project known as "Fable Next," which is slated to run on the new console.

Similarly, despite EA's denial, one source still insists the gaming giant is in possession of next-gen console hardware to enable the creation of future titles.

Meanwhile, reports indicate that a number of studios are currently coding Playstation 4 games in preparation for Sony's upcoming Playstation 4 console.

It should be noted that a high-ranking Microsoft exec recently went on record as saying the Xbox 360 is only about "halfway through" its already respectable life cycle - with Kinect providing a "shot of adrenaline" for the six-year-old system.

"We see it as about [only] halfway through [its life cycle].... Xbox is defying the normal curve you might expect. There's no doubt that Kinect put a huge shot of adrenaline into the business," said Xbox EMEA VP Chris Lewis.

"What we are now seeing is massive swathes of families and younger audiences flocking to it... [So] we are now in line with what we projected at E3 2010."